Apple’s 17 Years of Admired Legacy: Apple is the most admired company in the world for the 17th year in a row according to the Fortune survey that ranked over 1,500 companies across a number of categories. What makes Apple so admired and respected by its customers, competitors and the public? How has Apple maintained its reputation and status for so long despite the challenges and changes in the tech industry?
In this essay, I will explore the reasons behind Apple’s success and popularity as well as the challenges and opportunities it faces in the future.
I will argue that Apple excels in four key areas: social responsibility, financial soundness, innovation and global competitiveness.
These factors have contributed to Apple’s remarkable performance and influence in the world of business and technology. However, I will also acknowledge that Apple is not without flaws and risk and that it will have to overcome some obstacles and threats to sustain its growth and reputation. I will conclude by summarizing the main points of the essay and restating the thesis emphasizing how Apple has achieved and sustained its status as the most admired company in the world for 17 years consecutive years.
Apple’s 17 years of admired legacy explained
1. Social responsibilities
![Apple's 17 Years of Admired Legacy: How Apple Achieved it? 1 Apple as the first Admirable company in Fortune list. Apple is on first list. Microsoft on second. Google's alphabet is on 7th number.](https://suhanitimes.com/wp-content/uploads/2024/02/Apple-2.png)
Apple is widely recognized for its social responsibility that reflects its commitment to creating positive impacts on the environment, society and the communities where it operates. According to the Fortune survey that ranked Apple as the most admired company in the world for the 17th year in a row, Apple scored the highest in this category among all the companies surveyed. Take a look at Apple’s social responsibility initiatives as below:
Environmental initiatives
Apple has achieved carbon neutrality for its corporate operations and aims to make its entire supply chain and products absolutely carbon neutral by 2030. Apple also uses recycled materials in its products, supports forest conservation projects, and reduces toxic substances in its manufacturing processes.
Charitable donations
Apple has donated over $600 million to various causes as education, health, human rights and disaster relief since 2011. Apple also matches the donations of its employees and encourages them to volunteer in their communities as well.
Ethical practices
Apple respects the human rights of its workers, suppliers and customers and adheres to the highest standards of labor, privacy, and security. Apple also promotes diversity, equity and inclusion within its workforce and supports various programs to empower underrepresented groups.
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2. Apple’s financial soundness
Apple is also renowned for its financial soundness that reflects its ability to generate consistent and robust revenue, profit and cash flow. According to the Fortune survey that ranked Apple as the most admired company in the world for the 17th year in a row, Apple scored the highest in this category among all the companies surveyed. Learn about what Apple’s financial soundness are as below:
Revenue growth
Apple reported revenue of $119.58 billion in its first-quarter results for the 2024 fiscal year, up from the $117.15 billion reported for Q1 2023. This represents a 2.1% increase year-over-yea despite the challenges posed by the COVID-19 pandemic and the global chip shortage.
Profitability
Apple achieved earnings per share of $2.18 in Q1 2024, up from the $1.88 from the year-ago quarter. This represents a 16% increase year-over-year and an all-time record EPS for the company. Apple also maintained a high gross margin of 41.8%, well above the industry average.
Market value
No doubt, Apple is the most valuable company in the world by market capitalization with a value of over $2.8 trillion as of February 1, 2024. Apple’s stock price has increased by more than 300% in the past five years outperforming the S&P 500 index by a wide margin.
3. Apple’s innovation
![Apple's 17 Years of Admired Legacy: How Apple Achieved it? 2 iPhone 15 Pro Max.](https://suhanitimes.com/wp-content/uploads/2024/02/Apple.png)
Apple is also acclaimed for its innovation that reflects its ability to create groundbreaking products, services and technologies that redefine the industry and delight the customers. Again, according to the Fortune survey that ranked Apple as the most admired company in the world for the 17th year in a row, Apple’s innovation are:
Hardware innovation
Apple has designed and developed some of the most iconic and influential devices in the history of computing like the Macintosh, the iPod, the iPhone, the iPad, the Apple Watch and the AirPods. These devices have revolutionized the fields of personal computing, music, communication, entertainment, health and wearables. Apple has also pioneered new technologies and features like the Retina display, the Touch ID, the Face ID, the M1 chip and the MagSafe.
Software innovation
Apple has created and improved some of the most powerful and user-friendly software platforms and applications like the macOS, the iOS, the iPadOS, the watchOS, the tvOS, the iTunes, the Safari, the iWork, the iLife, the Final Cut Pro, and the Logic Pro.
These software products have greatly enhanced the functionality, performance, and security of Apple’s hardware products as well as provided rich and seamless experiences for the users. Apple has also introduced new services such as the iCloud, the Apple Music, the Apple TV+, the Apple Arcade, and the Apple Fitness+ that offer cloud-based storage, streaming, gaming and fitness solutions to its users .
Technology innovation
Apple has invested and innovated in various emerging and cutting-edge technologies like artificial intelligence, machine learning, augmented reality, virtual reality and biometrics. These technologies have enabled Apple to create new capabilities and applications such as the Siri, the FaceTime, the Animoji, the ARKit, the HomeKit, the HealthKit and the ResearchKit. These technologies have also improved the quality and efficiency of Apple’s products and services as well as opened new possibilities and opportunities for the future.
4. Apple’s global competition
Apple is also admired for its global competitiveness which reflects its ability to expand and succeed in various markets and regions around the world. Apple’s global competitiveness are:
International presence
Apple has a strong and growing presence in many countries and regions like India, China, Europe, Japan and Latin America. Apple operates over 500 retail stores in 25 countries as well as online stores in over 40 countries. Apple also has a network of suppliers, manufacturers, distributors and partners in various parts of the world which enables it to source, produce and deliver its products and services efficiently and effectively.
Customer loyalty
Apple has a loyal and passionate customer base who value its products and services for their quality, design and functionality. Apple has consistently ranked high in customer satisfaction and loyalty surveys such as the American Customer Satisfaction Index, the Net Promoter Score, and the Brand Loyalty Index . Apple also has a loyal and engaged developer community who create and distribute apps and content for its platforms such as the App Store, the Mac App Store, and the iTunes Store.
Brand value & recognition
Apple has one of the most recognizable and valuable brands in the world which represents its vision, values, design and look, and culture. Apple’s brand is associated with innovation, creativity and excellence as well as simplicity, elegance and sophistication. Apple’s brand is also supported by its iconic logo, its distinctive product desig and its memorable marketing campaigns. According to Interbrand, Apple was the most valuable brand in the world in 2023 with a brand value of $323.6 billion.
The conclusion
Apple has achieved this remarkable feat by excelling in four key areas: social responsibility, financial soundness, innovation and global competitiveness. Apple has demonstrated its commitment to creating positive impacts on the environment, society and the communities where it operates. Apple has also shown its ability to generate consistent and robust revenue, profit and cash flow as well as to create groundbreaking products, services, and technologies that redefine the industry and delight the customers. Furthermore, Apple has proven its ability to expand and succeed in various markets and regions around the world while maintaining a loyal and passionate customer base and a recognizable and valuable brand. These factors have contributed to Apple’s reputation as the most admired company in the world.
However, Apple also faces some challenges and threats in the future like competing in the Chinese and Indian markets innovating in generative artificial intelligence dealing with patent lawsuits, diversifying its revenue streams and maintaining its customer loyalty and satisfaction.
Apple has established a unique business model and organizational structure that foster creativity and collaboration as well as a distinctive leadership model that empowers experts to lead experts. Apple has also created a loyal and engaged customer and developer community who value its products and services for their quality, design and functionality. Apple has revolutionized the fields of personal computing, music, communication, entertainment, health and wearables and has opened new possibilities and opportunities for the future. Apple is a remarkable example of how a company can achieve and sustain its status as the most admired company in the world.
Apple will have to overcome these challenges and leverage its strengths and opportunities to sustain its growth and reputation. Apple will also have to balance its competition and collaboration with other tech companies such as Samsung, Google, Microsoft, Huawei and Amazon who are also striving to innovate and dominate the market. Apple will have to continue to pursue its mission of innovating and inspiring while staying true to its vision, values and culture.
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How does Apple compare to other tech companies in terms of patent lawsuits?
Apple is one of the most litigious tech companies in the world as it is involved in patent disputes with various rivals across the globe such as Samsung, Motorola, Qualcomm and Ericsson. Apple has often accused these companies of infringing on its design and utility patents while also defending itself from similar allegations. According to a report by Lex Machina, Apple was the most sued tech company in the U.S. in 2020, with 59 patent lawsuits filed against it.